There are many sectors that have been transformed by technological advances in the last two decades, especially due to digitalization, including communications, entertainment, marketing and others. But we can’t ignore that the one that has evolved the most during this period is the financial sector. Although traditional institutions have adjusted to the times with new tools like online banking, perhaps the most marked change in the last 8-10 years is the appearance of FinTech companies.

These companies, which merge the concepts of “Finance” and “Technology,” have given an important twist to this historical sector by incorporating simpler and more enhanced processes that facilitate transactions and reduce costs. You can find FinTech companies that cover different areas of the financial market such as estate management, mobile banking, investment in stocks, and financing, among others. They are characterized by innovation and they provide added value to the market in order to connect with their audience, which is constantly growing. 

Innovative concepts

NAGA, one of the dominant FinTech companies, focuses on investment and has more than a million clients in the 100 countries where it operates. It offers an innovative concept by transforming its app into a social trading platform where different traders can share their experience and exchange information about the investment world and the different assets they work with. The German company has the proper certifications to operate legally, and it’s understandable that many would want to know if Is Naga trading legit or scam. To that end, it’s a good idea to research online regarding the various FinTech companies, their features and their guarantees. NAGA, for example, is absolutely legit. 

Due to the increasing number of FinTech companies, it’s logical that there would be questions about which one best addresses users’ needs. Fxbrokerreviews is a website that provides information about a number ofFinTech companies and assigns a ranking to the best ones based on different variables. This comparison site is largely based on reviews of people who trade in Forex. But as mentioned before, FinTech companies cover a whole range of services and in most cases, they offerplatforms that cover users’ needs with simplicity and agility. Their goal is to apply technology to provide convenient solutions for today’s society.

Growth that is linked to innovation

These companies certainly seem to be achieving these goals. The numbers speak for themselves: the value of this sector in 2020 exceeded $7 billion and is estimated to surpass $31 billion by the middle of the decade. The ability of these companies to observe modern society’s behaviors and needs and translate them into products and services could be precisely what drives their success. It’s worth noting that the so-called “traditional” institutions have been slow to incorporate technological advances in their operations. For example, banks have made efforts to adopt an online banking environment that reflects their usual activities, but innovation within them has been scarce.

In contrast,FinTech companies have not only made technology and innovation part of their DNA, they’ve also looked for ways to improve service and constantly update their offerings. Their digital platforms tend to be more pleasing and intuitive, in addition to offering all the tools at their disposal to improve users’ experiences. On the other hand, as traditional institutions attempt to adapt, not only are they looking to ally themselves with FinTech companies, they are also trying to learn from these companies’ ideas and innovations. Adapt or die. If they don’t take note of society’s needs and anticipate people’s preferences, they have a lot to lose in the face of the new approach to the financial sector that has now chosen to fuse this market with technology.